Akebia Therapeutics, Inc. (AKBA): restructuring charge — Akebia Therapeutics cuts 14% of commercial workforce, expects $1.8M restructuring charge

Akebia Therapeutics, Inc.

Board approved reducing commercial organization by ~14% (~1.8M charge) due to shift to strategic account model.
Restructuring charge of ~$1.8M in Q4 2022 for severance, benefits, and stock-based compensation.
Reduction driven by Auryxia maturity, COVID-19 impact on dialysis centers, and potential limited vadadustat focus.
Workforce reduction expected to be substantially completed by end of Q4 2022.
Company aims to lower operating costs and fund operations with existing cash and cash from operations.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Akebia Therapeutics, Inc. announced a restructuring with charges of approximately $1.8 million affecting commercial organization (approximately 14%).

Type: restructuring
Charge: approximately $1.8 million
Affected area: commercial organization
Headcount: approximately 14%

Exact text from the filing

be offered separation benefits, including severance payments, healthcare coverage and related benefits. The Company expects to record a restructuring charge of approximately $1.8 million primarily related to one-time and contractual termination benefits including severance, non-cash stock-based compensation expense, healthcare and related benefits in the fourth

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Akebia Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-22-280142

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